page_title: Mali
section_title: Economy
hierarchical_section_title: Mali / Economy
caption_attribution_description: Monday market in Djenne and the Great Mosque of Djenné, Mali
context_page_description: Mali, officially the Republic of Mali, is a landlocked country in West Africa. Mali is the eighth-largest country in Africa, with an area of just over 1,240,000 square kilometres. The population of Mali is 19.1 million. 67% of its population was estimated to be under the age of 25 in 2017. Its capital is Bamako. The sovereign state of Mali consists of eight regions and its borders on the north reach deep into the middle of the Sahara Desert, while the country's southern part, where the majority of inhabitants live, features the Niger and Senegal rivers. The country's economy centers on agriculture and mining. Some of Mali's prominent natural resources include gold, being the third largest producer of gold in the African continent, and salt.
  Present-day Mali was once part of three West African empires that controlled trans-Saharan trade: the Ghana Empire, the Mali Empire, and the Songhai Empire. During its golden age, there was a flourishing of mathematics, astronomy, literature, and art. At its peak in 1300, the Mali Empire covered an area about twice the size of modern-day France and stretched to the west coast of Africa.
context_section_description: The Central Bank of West African States handles the financial affairs of Mali and additional members of the Economic Community of West African States. Mali is considered one of the poorest countries in the world. The average worker's annual salary is approximately US$1,500.
  Mali underwent economic reform, beginning in 1988 by signing agreements with the World Bank and the International Monetary Fund. During 1988 to 1996, Mali's government largely reformed public enterprises. Since the agreement, sixteen enterprises were privatized, 12 partially privatized, and 20 liquidated. In 2005, the Malian government conceded a railroad company to the Savage Corporation. Two major companies, Societé de Telecommunications du Mali (SOTELMA) and the Cotton Ginning Company (CMDT), were expected to be privatized in 2008.
  Between 1992 and 1995, Mali implemented an economic adjustment programme that resulted in economic growth and a reduction in financial imbalances. The programme increased social and economic conditions, and led to Mali joining the World Trade Organization on 31 May 1995.
  Mali is also a member of the Organization for the Harmonization of Business Law in Africa (OHADA). The gross domestic product (GDP) has risen since. In 2002, the GDP amounted to US$3.4 billion, and increased to US$5.8 billion in 2005, which amounts to an approximately 17.6% annual growth rate.
  Mali is a part of the "Franc Zone" (Zone Franc), which means that it uses the CFA franc. Mali is connected with the French government by agreement since 1962 (creation of BCEAO). Today all seven countries of BCEAO (including Mali) are connected to French Central Bank.
caption: A market scene in Djenné
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